آہ! ڈاکٹر وحید مرزا
گزشتہ ماہ ریڈیو سے خبر ملی کہ اس برصغیر کے ایک بہت ہی لائق اور ممتاز اہل علم ڈاکٹر وحید مرزا کی وفات لاہور میں ہوگئی، اس خبر سے بڑا دکھ ہوا، ان سے میری ملاقات زیادہ نہیں رہی، اب سے ۳۵ سال پہلے ۱۹۴۱ء میں دہرہ دون میں تو ان سے برابر ملنے کا موقع ملا، اس کے بعد پھر کہیں ان سے نہیں ملا، مگر وہ اس وقت سے برابر دل و دماغ پر چھائے رہے ہیں ۱۹۴۱ء میں ایک طویل علالت کے بعد دہرہ دون جاکر تقریباً تین مہینے رہا، سرسید احمد خان ہم عصر اور دوست منشی ذکا اﷲ مرحوم کے نامور فرزند جناب عنایت اﷲ صاحب نے اپنی کوٹھی کے دو کمرے میرے قیام کے لئے دے دیئے تھے، اسی زمانہ میں لکھنؤ سے ڈاکٹر وحید مرزا دہرہ دون آکر اپنے خسر جناب رضاء اﷲ کے یہاں مقیم تھے، جو جناب عنایت اﷲ صاحب کے چھوٹے بھائی تھے، انجینئر کے عہدہ سے ریٹائر ہوکر دہرہ دون میں ایک بنگلہ بنایا تھا، دونوں بزرگوں کا وطن دہلی تھا، مگر عنایت اﷲ صاحب نے دہرہ دون ہی میں ڈالن والاکے سیمی روڈ پر منتقل سکونت اختیار کرلی تھی، ان ہی کے بنگلہ کی پشت پر رضا اﷲ صاحب کا بنگلہ تھا، ڈاکٹر وحید مرزا ان دنوں لکھنؤ یونیورسٹی میں استاذ تھے، وہ دہرہ دون آئے تو عنایت اﷲ صاحب کو سلام کرنے آئے، وہیں ان سے میرا تعارف ہوا، قد لمبا اور جسم دبلا پتلا تھا، دونوں گال پچکے ہوئے تھے، کیونکہ منہ کے تمام دانت نکلوا دیئے تھے، پتلون اور قمیض پہنے ہوئے تھے، بڑے متین اور سنجیدہ نظر آئے، خاموش بیٹھے رہے، عنایت اﷲ صاحب کی باتوں کا جواب بہت ہی مختصر طریقے پر دے کر خاموش ہوجاتے، جب وہ اٹھ کر چلے گئے تو عنایت اﷲ صاحب...
The duty of issuance Islamic legal verdict is a great job because the Mufti is the successor of the Prophets of Allah. He explains the commands of Allah — permissible and prohibited acts—and stops the disputes among the followers. The focal aspects of this research paper are the questions: What are the required conditions to be a reliable mufti? What are the points of agreement and differences among the four major schools of jurisprudence — Hanafi, Maliki, Shafa’i and Hanbali? The most important area of this paper is the question: What are the protocols and etiquettes of the procedure of issuance of a fatwa, the legal verdict, in our contemporary societies. In the first part of this paper, the analytical evaluation of the arguments presented by prominent jurists of the four major schools of Islamic Jurisprudence. This part suggests some points to reset the preferences because it is the need of time. The second part of the paper opines a number of suggestions to improve the manners, etiquettes and protocols of the procedure on part of a mufti. A mufti, being a representative of the seat of the Prophet (peace and blessings of Allah be upon him), is not only responsible to Allah Almighty but also to wellbeing, security, and peace among the members of our society.
The Relationship Between Corporate Governance and Firm Value: Role of Discretionary Earnings Management Corporate governance practices help in enhancing firm value by effectively monitoring the managerial decisions as well as reducing the level of information asymmetry and agency problem between empowered managers and dispersed minority shareholders. The present study investigates the relationship between corporate governance and firm value for the developing economy of Pakistan. The study has also taken into consideration the moderating role of discretionary earnings management in corporate governance-firm value relationship, which is considered to be a relatively ignored research issue in corporate finance literature. In addition to focusing on individual mechanisms of corporate governance (i.e. audit, board, compensation, ownership), the present study has also constructed a composite corporate governance index to investigate the role of effective corporate governance in mitigating earnings management and enhancing firm value. The data of 208 firms listed at Karachi Stock Exchange for a time period of 2004- 2011 has been used for analysis and accounting, market and economic measures of performance have been used as firm value. The study finds that corporate governance plays a vital role in enhancing firm value in long as well as short run. Constitution of internal audit committees as an effective internal audit system is essential for the enriched progress of a firm. The monetary incentives and compensation paid to the top executives motivates them to work in the best interests of the company which increases not only short term accounting value of firm but also long term market and economic value. The findings reveal that discretionary earnings management practices by corporate managers damage the firm value in long term and it could be mitigated by effective corporate governance mechanisms. Moreover, this value damaging role of discretionary earnings management negatively moderates between effective corporate governance and firm value. Firms with earnings manipulation weakens the impact of effectiveness of governance system and leads to lower firm value. Finally, the study suggests some practical implications based upon the findings for investors, policy makers and manager.